H.R. 3265 - Middle Class Savings Act

117TH CONGRESS
1ST SESSION

H.R. 3265

To amend the Internal Revenue Code of 1986 to apply current
income tax bracket breakpoints to capital gains brackets.

IN THE HOUSE OF REPRESENTATIVES

MAY 17, 2021

Mr. BARR introduced the following bill; which was referred to the Committee on _____

A BILL

To amend the Internal Revenue Code of 1986 to apply current income tax bracket breakpoints to capital gains brackets.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Middle Class Savings Act".

SEC. 2. APPLICATION OF CURRENT INCOME TAX BRACKET BREAKPOINTS TO CAPITAL GAINS BRACKETS.

(a) IN GENERAL. — Section 1(j)(5)(B) of the Internal Revenue Code of 1986 is amended —

(1) by striking "$77,200" in clause (i)(I) and inserting "$77,400",

(2) by striking "$51,700" in clause (i)(II) and inserting "$51,800",

(3) by striking "$479,000" in clause (ii)(I) and inserting "$600,000",

(4) by striking "$452,400" in clause (ii)(II) and inserting "$500,000", and

(5) by striking "$425,800" in clause (ii)(III) and inserting "$500,000".

(b) EFFECTIVE DATE. — The amendments made by this Act shall apply with respect to taxable years beginning after the date of enactment of this Act.